Financial inclusiveness is a requirement due to the following reasons:
i)It has the capability to alleviate poverty levels and improve employment opportunities in an economy.
ii) It mobilizes the savings of all classes and brings it within the ambit of the formal financial system that promotes economic growth through productive investment.
iii) It promotes financial literacy which helps the populace to avoid the expensive and unreliable financial services.
iv) It helps the weaker sections to channelize their incomes into buying productive resources or assets.
v) Financial inclusion supports economic efficiency, equity and self-reliance.
vi) It protects the poor from getting exploited by the local money-lenders.
Thus, it is obvious that financial inclusiveness will do well for an economy and raise the overall position of all classes of people who get involved in the formal financial system network. Hence, it is a necessity for the entire nation.
For Citing this article use:
- Debabrata, J. (2017). Financial Literacy and Access to Financial Services in the Unorganized Sector in West Bengal A Study of Purba Medinipur and Paschim Medinipur Districts.
